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Q4. Equipment that cost SAR80,000 and has accumulated depreciation of SAR43,000 is exchanged for equipment...

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Accounting

Q4. Equipment that cost SAR80,000 and has accumulated depreciation of SAR43,000 is exchanged for equipment with a fair value of SAR32,000 and SAR8,000 cash is received. The exchange has commercial substance. Instructions

(a) Show the calculation of the gain to be recognized from the exchange. (b) Prepare the entry for the exchange .

I do not want handwriting, I want the solution clear and tidy, and I want a detailed explanation.

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